Just lost my job and have 14 months left on my car lease. I've been told I have no choice but to make the monthly payments or face a stiff penalty if I terminate the lease.
Any other options?
2007-02-08 04:04:08 · 9 answers · asked by JMAC 1 in Cars & Transportation ➔ Buying & Selling
Sorry to hear about that. I too did some checking and found another website where you can advertise your car lease for free:
http://www.takemylease.co.uk
Good luck
2007-02-08 08:20:31 · answer #1 · answered by Darryl W 1 · 0⤊ 0⤋
Read the lease you signed. If it calls for early termination penalties, that would be your only option. If you don't make payments, or even voluntarily return the vehicle without a final payoff as called for in the lease, you will have a repossession on your credit report. Talk to the dealer, explain what's going on, and see if they will work with you on this.
2007-02-08 04:10:38 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
Have a look at your finance agreement, there should be a condition (called something like 'halves and thirds')
It is UK legislation, it basically allows you to return your goods free of charge if you've paid more than half of the total amount of the finance agreement.
I got rid of a Fiesta after owning it for 2.5 years and the contract was for 5 years.
I also got rid of a Corsa about three months earlier than I should have.
Check through your contract it's something they don't advertise.
Failing that speak to them, I've found most finance companies are helpful.
2007-02-08 04:49:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Do you have payment protection insurance? That should cover at least some of the period after losing your job. Failing that its all in the terms & conditions of the lease.
2007-02-08 04:22:39 · answer #4 · answered by Duffer 6 · 0⤊ 0⤋
There should be some get out clause for loss of income "job", in the finance agreement small print! If not then write the car off crash it or take it somewhere and set it on fire pretend it was stolen!
2007-02-08 04:43:11 · answer #5 · answered by jon 2 · 0⤊ 0⤋
You have no other options without paying penalties. Unfortunately they were correct. That's one of the CONS of leasing, my friend.
2007-02-08 04:09:28 · answer #6 · answered by rob1963man 5 · 0⤊ 0⤋
and they are right. you unfortunately signed a contract agreeing to lease the car over a specified period of time. the same would apply to damage or over mileage. sorry
2007-02-08 04:11:35 · answer #7 · answered by elloboy33 3 · 0⤊ 0⤋
There are websites such as:
http://www.swapalease.com
That allows another person to take over your lease payments early.
You might want to try there.
2007-02-08 04:19:52 · answer #8 · answered by hsueh010 7 · 0⤊ 0⤋
Sell the car and pay what you owe on it off.
2007-02-08 04:07:59 · answer #9 · answered by Anonymous · 1⤊ 0⤋